Lufthansa does not plan to buy rivals weakened by the coronavirus crisis, CEO Carsten Spohr told shareholders at the company's virtual annual general meeting on Tuesday.
The airline, which is preparing to slowly resume passenger flights from June, is currently in talks with governments about a € 10 billion bailout. Spohr said he was expecting a deal with Germany shortly.
"Our focus is on stabilizing Lufthansa in its current form and not on acquiring other airlines. We are currently not planning a takeover," he said, adding that consolidation among European airlines will slow due to government bailouts.
Travel bans forced the German airline to land 700 of their aircraft, which resulted in a 99% drop in passenger numbers and the group, which includes Swiss, Austrian Airlines and Brussels Airlines, lost around one million euros in liquidity reserves per hour.
The Lufthansa rescue agreement is intended to give Germany a 25.1% stake in the airline and a representative of the supervisory board.
Regardless of this, Lufthansa is expected to receive non-voting capital of around 5 billion euros and state-secured loans of around 3 billion euros.
The exact size of the various elements of the rescue agreement and the possible contribution of Switzerland, Austria and Belgium are still unclear, according to the sources.
According to the Belgian daily L & # 39; Echo, Spohr is expected to visit Brussels this week. The airline is asking the Belgian state for financial support of EUR 290 million to survive the crisis. In return, Belgium wants guarantees for the future of Brussels Airlines and the development of Brussels Airport.
Spohr said that despite the bailout, the federal government was not interested in playing an active role in the company after warning about possible government intervention.
Klaus Schmidt, chairman of the Council of Economic Advisers at the Federal Ministry of Economics, said at a ministerial meeting on Tuesday that the government should not weigh up discussions about whether, for example, the Lufthansa Germanwings department should be closed.
In order to reduce the outflow of funds, Lufthansa announced at the annual general meeting that it had asked Airbus and Boeing, among others, to delay the delivery of aircraft in order to achieve a hit of around 1 billion euros in 2020 from securing crude oil.
According to Spohr, Lufthansa is sticking to its plan to sell its catering activities. No further sales of assets were planned at this time, and a possible listing of Lufthansa Technik's business is currently only possible at a massive discount.
The company said it was impossible to make long-term forecasts because the corona virus would continue to burden the aviation industry for a long time.
(Except for the headline, this story was not edited by NDTV staff and published from a syndicated feed.)